The Reserve Bank has made history, weighing into the politically-charged federal election campaign by raising interest rates to their highest in a decade.
In a widely anticipated move, the bank lifted the official cash rate by 0.25 percentage points to 6.75 per cent this morning - the first time it has moved rates during an election campaign.
The Australian dollar punched through 93 US cents after the announcement of today's rate rise.
By 9.35am the dollar was quoted at $US0.9302/9306, up from $US0.9222/27 late yesterday and is not far from its 23-year high of $US0.9344 hit last week. It dipped initially after the rate decision.
The Coalition is expected to respond today by emphasising risks in the economy and the need to continue with an experienced pair of hands managing the economy.
Labor will emphasise the now broken promise made to voters at the last election, when the Coalition promised it would keep interest rates at "record lows".
Inflation figures released last month all but sealed the deal on this morning's move after they showed underlying inflation running at an uncomfortable annual rate of 3 per cent.
Why do ppl keep on spending?
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